YEREVAN, September 2. / ARKA /. Armenian Anelik Bank CEO Samvel Chzmachyan has resigned and will work only as president of the Union of Banks of Armenia (UBA), Anelik Bank said today in a statement. It said the bank’s Board satisfied Mr. Chzmachyan’s resignation application.

“After being elected president of the UBA in May of this year, I continued to work also as Anelik Bank CEO. At a latest meeting the UBA Board decided to increase the role of the organization. To hold simultaneously two executive positions is difficult, even impossible. This in mind, I decided to quit as Anelik Bank CEO and work only as president of the UBA”, Chzmachyan was quoted as saying.

Anelik Bank Board elected Babik Najarian as acting head of Anelik Bank. Samvel Chzmachyan is a seasoned Armenian banker who ran Anelik bank over the last 20 years.

Anelik Bank was founded in 1990. It is now fully owned by Lebanese CreditBank. ---0---